무형자산과 무형자산성 지출이 기업가치에 미치는 영향：코스닥시장을 중심으로

Abstract

[Purpose] In the KOSDAQ market, the growth of intangible assets contributing to the value is unusual and steep. In 2018, the contribution of intangible asset value has already exceeded tangible assets and reached 54%, and since COVID－19, digitalization, the increase in untact business, and population－aging have accelerated the importance of intangible assets based on sustainability, flexibility, expansion, and invariance. From this perspective, this study verified the effects of intangible assets and intangible asset expenditure on corporate value in the KOSDAQ market. [Methodology] The present study employed variables regarding intangible assets including the total amount of intangible assets, industrial property rights, and development expenses, which have been used in prior research. In addition, this study employed variables regarding intangible asset expenditure including research and development expenses, advertising expenses, and education and training expenses. An empirical analysis was conducted with data obtained from 9,694 non－financial firms among the corporations settled at the end of December every year and listed on the KOSDAQ market from 2011 to 2020. [Findings] The results of the empirical analysis are as follows. First, the total of intangible assets, industrial property rights, and development costs positively lead to corporate value. Second, there was a significant positive relationship with corporate value in all of the R&D expenses, advertising expenses, and education and training expenses. [Implications] It is confirmed that intangible assets and intangible asset expenditure have positive effects on corporate value. The results of the current study may serve as the basis for the government’s policy－making policy for intangible asset expenditures in the KOSDAQ market and ease of intangible asset expenditures in the sense that the current international accounting standards strictly control the assetization of intangible asset expenditures.